Institutional support props up Muscat bourse

Muscat: Buying interest from local institutions in banking and financial stocks resulted in MSM30 index gaining by 0.29 per cent to 5860.70 points. The MSM Sharia Index closed at 892.51 points, gaining by 0.05 per cent.
Bank Muscat was the most active stock in terms of volume as well as turnover. Active selling by foreigners was absorbed by local institutions, resulting in the price going up by 1.04 per cent, and the stock closed at highest level in last six weeks.
Monday’s top gainer was Oman United Insurance, up by 3.91 per cent while the top loser was Taageer Finance with a loss of 3.17 per cent.
As many as 757 trades were executed on Monday, generating turnover of OMR2.22 million with 9.16 million shares changing hands. Out of 47 traded securities, 21 advanced, six declined and 20 remained unchanged. Foreign investors were net sellers for OMR368,000 followed by GCC and Arab investors for OMR23,000 while Omani investors were net buyers for OMR391,000 worth of shares.
Financial Index closed at 7,526.72 points, up by 0.77 per cent. Oman United Insurance, Gulf Investment Services, Al Sharqia Investments, Al Batinah Development, and HSBC Bank Oman increased by 3.91 per cent, 2.59 per cent, 2.16 per cent, 2.15 per cent, and 2.06 per cent, respectively. Taageer Finance was the only stock which closed lower and was down by 3.17 per cent.
Industrial Sector Index gained by 0.11 per cent and closed at 7,505.53 points. Prices of Al Hassan Engineering, Galfar Engineering, Al Jazeera Steels, Al Maha Ceramics, and Gulf International Chemicals increased by 1.27 per cent, 0.96 per cent, 0.75 per cent, 0.43 per cent, and 0.40 per cent, respectively. Oman Cables Industry, Al Anwar Ceramics, and Oman Cement declined by 0.55 per cent, 0.45 per cent, and 0.42 per cent, respectively.
Services sector Index also gained by 0.16 per cent to close at 3201.26 points. Prices of Al Jazeira Services, National Gas, Al Suwadi Power, AlBatinah Power, and Oman Telecommunications Company gained by 1.99 per cent, 1.97 per cent, 1.04 per cent, 0.53%, and 0.30 per cent, respectively. Port Services Corporation, and renaissance Services declined by 2.08 per cent, and 0.35 per cent, respectively.